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2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
The St. Johns area features some of the best schools in the State of Florida. St. Johns County is the Number 1 School District in the State of Florida. Beautiful planned unit developments with fantastic amenities, can be found in St. Johns. A real community feel exists in St. Johns, Florida.
Average Sold Home Price: $300,000

Average Time on Market: 30-60 days

Best Selling Price Range: $300,000 - $349,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Good Supply

Greatest Activity: Repeat Buyers

Nearest Metro Area: Jacksonville, FL

Average Sold Home Price: $300,000

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Cindy Gavin
904-465-3397
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Mortgage Rates for Sep 23rd, 2017
30 year fixed rate: 3.77%
15 year fixed rate: 2.97%
30 year jumbo rate: 4.16%
15 year jumbo rate: 3.83%
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Real Estate Professional, Cindy Gavin Cindy Gavin
RE/MAX SPECIALISTS
Specializing in Saint Johns Real Estate
12646 San Jose Boulevard
Jacksonville, Florida 32223
904-465-3397
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Cindy Gavin for current Saint Johns, FL market conditions before acting on this information.)
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